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Manila Bulletin devider Business devider The Stock Market devider Bloomberry: Solaire North gains traction, but expenses hit profits

Bloomberry: Solaire North gains traction, but expenses hit profits

Published Mar 6, 2025 04:19 am
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Bloomberry's expansion with Solaire North impacted its 2024 financial results, with increased expenses offsetting revenue gains.

 

Razon-led integrated gaming resorts owner Bloomberry Resorts Corp. reported a 72.6 percent drop in consolidated net income to ₱2.6 billion last year from the ₱9.5 billion it earned in 2023.

In a disclosure to the Philippine Stock Exchange, the firm said the decline resulted from significantly higher depreciation and interest expense associated with the new Solaire Resort North (SN) and a ₱706 million one-off gross receipts tax (GRT).

Net loss in the fourth quarter was ₱920.2 million, compared to net income of ₱1.3 billion in the fourth quarter of 2023.

Consolidated net revenues reached ₱53.1 billion in 2024, up 10 percent from the ₱48.4 billion generated in the previous year.

“In 2024 we reported topline growth despite a challenging operating environment in Metro Manila. The newly opened Solaire Resort North contributed to our GGR (gross gaming revenue) strength as it vastly expanded our presence in the mass market segment,” said Bloomberry Chairman and CEO Enrique K. Razon Jr.

He noted, “Our consolidated mass gaming revenue increased by 19 percent, significantly outperforming the VIP segment and pushing consolidated GGR growth to six percent.

“However, our EBITDA and profit for the year were lower as we recognized pre-operating, depreciation, and interest expenses for Solaire North while Solaire in Entertainment City grappled with VIP and premium mass market weakness.”

“Solaire North continues to gain traction in daily foot traffic and revenue. We believe that our second property’s exceptional world-class offerings are well-suited for the demand environment in the northern portions of the Greater Manila Area and give us a distinct advantage over the competition within the integrated resort space,” he added.

Bloomberry’s GGR was ₱61.7 billion last year, representing an increase of six percent from ₱58.3 billion in 2023, mainly due to GGR contributed by SN, which recorded 221 days of operations for the year.

The mass market segment outperformed the VIP business as the combined performance of mass table games and electronic gaming machines across two properties increased by 19 percent.

In the fourth quarter of 2024, consolidated GGR was ₱16.2 billion, higher by 17 percent compared to the same period in the previous year.

Contra-revenue accounts in 2024 decreased by five percent year-over-year to ₱13.6 billion. This represents 22 percent of consolidated GGR, compared to 25 percent in 2023.

Non-gaming revenue was ₱10.7 billion for the year, representing an increase of 23 percent from ₱8.7 billion generated the year prior. In the fourth quarter of 2024, non-gaming revenue was ₱3.3 billion, higher by 44 percent year-over-year.

Cash operating expenses for the year reached ₱36.5 billion, higher by 26 percent compared to ₱29 billion in 2023 due to the recognition of pre-operating and operating expenses associated with SN. The company made no provisions for bad debt in 2024.

The group recorded consolidated EBITDA of ₱16.6 billion, representing a decrease of 14 percent from ₱19.3 billion in the previous year mostly due to lower EBITDA generated by Solaire Resort Entertainment City (SEC) and pre-operating expenses associated with SN, which were partially off-set by SN’s ramp-up.

Significant one-off items that impacted the company’s 2024 and 2023 consolidated EBITDA were SN’s pre-operating expenses of ₱1.1 billion and ₱302.4 million incurred in 2024 and 2023, respectively, and ₱670.2 million one-off retirement charge incurred in the fourth quarter of 2023.

For the year, total GGR at SEC was ₱53.2 billion, representing a nine percent decline from ₱58.3 billion in 2023. Non-gaming revenue was ₱8.3 billion, unchanged from 2023.

Net revenue was ₱44.5 billion, down seven percent from ₱48 billion in the previous year. SEC generated EBITDA of ₱17.2 billion, which was lower by 17 percent compared to ₱20.9 billion in 2023.

In its first 221 days of operations, SN generated GGR of ₱8.4 billion while non-gaming revenue was ₱1.9 billion. Since opening last May, SN’s monthly gaming volumes, hotel, and food and beverage revenues have steadily increased.

Solaire Korea’s Jeju Sun Resort & Casino recorded GGR of ₱44 million for the year, an increase of 42 percent from the previous year. Non-gaming revenue was ₱470 million, up 33 percent from ₱354.3 million in 2023.

Net revenue was ₱512.5 million, higher by 34 percent year-over-year. Jeju Sun generated loss before interest, taxes, depreciation and amortization (LBITDA) of ₱249 million which compares to LBITDA of ₱238.3 million recorded in 2023.

Related Tags

Solaire Resort North QC Solaire Resort & Casino Bloomberry Resorts Corporation Jeju Sun Hotel & Casino Enrique K. Razon Jr.
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